Does your salary end before the month ends? Then follow these 5 'magical' rules, your pocket will always be full of money!

Does your salary end before the month ends? Then follow these 5 'magical' rules, your pocket will always be full of money!

Remember, becoming rich or financially strong is not rocket science, but it is the result of small, right habits. We are going to tell you 5 rules that can save your pocket from getting empty at the end of the month.

Like others, does it happen to you too that on the first date of the month, you are happy to get your salary credited to your account, and by the 15th-20th date your account is almost empty. If you are worried about your pocket getting empty at the end of the month and think where does all your money go, then don't worry.

Actually, to get out of this problem, you do not need to increase your salary, but you need to manage it properly. We will understand 5 such amazing and practical rules which can end all your tension regarding money and your pocket can remain full even at the end of the month.

1. Make a 'Kharch Ka Account' and know where the money goes?

The first and most important step is to make a cost account. At the beginning of the month, write down in a diary or mobile app how much is your salary and what are your essential expenses (rent, bills, ration, EMI). This will make it clear where your money is going..

2. Follow the superhit formula of 50/30/20

The superhit formula of 50/30/20 is the world's most famous and easiest rule of money management. According to this, divide your salary into three parts. 50% (needs): Spend this part on essential things like house rent, ration, electricity-water bill, children's fees and EMI. 30% (hobbies): With this money, fulfill the important hobbies of your life. Then 20% (savings and investment): As soon as you receive your salary, first of all keep this 20% aside and invest it in a SIP, FD, or emergency fund.

3. Decide your 'money goal'

It is very difficult to save money properly without any target. In such a situation, you should set your small and big financial goals according to yourself.

Short-term goal: Like buying a new smartphone in 6 months.

Long-term goal: Like making a down payment for a car in 5 years or buying your own house in 15 years.

4. Put your savings on 'auto-pilot' mode

Nowadays, people often hand over their savings to technology. So now start the 'auto-debit' facility in your bank account. With this, as soon as you receive your salary every month, a fixed amount (like your 20% share) will be automatically deducted and sent to your SIP or recurring deposit (RD).

5. Cut down on unnecessary expenses

Look at your budget carefully and identify those expenses which are unnecessary. Avoid subscription of unnecessary OTT platforms, excessive online shopping etc. By stopping these small but frequent unnecessary expenses, you can save a large amount every month. 

(Note: This article is for information only and should not be considered as investment advice in any way, it is suggested to consult financial advisors for investment)